FAQ

“We/our/us” refer to Vanquis Bank unless stated otherwise.

Borrowing with an Argos Credit Card

Is a credit card suitable for me?

A credit card can help you to meet monthly outgoings if you find yourself with an unexpected bill or expense, and it's more flexible than cash or cheques. It’s safer than carrying cash, and is virtually essential when you're shopping for the best online deals. And when you're travelling, it can be a requirement for hotels and car rental to secure a deposit.

Before you use your card, always think about the payment you'll need to make that month. Make sure you can afford the minimum payment due at the very least.We would recommend that you can afford more than the minimum payment as you'll clear the balance faster and pay less interest. If you can only make the minimum payment each month, you should think about whether a credit card is really suitable for you.

A credit card isn't suitable for long term borrowing or financing existing debt. If you want to make a large purchase with a longer repayment term, a personal loan may be a better option.

What does an Argos Credit Card do?

You can use your Argos Credit Card wherever you see the Visa symbol, anywhere in the world. Buy goods and services on the high street or online, and take out money from cash machines in the UK and abroad.

You can use your Argos Credit Card immediately, as long as you have the available credit on your card for the purchase. You will receive statements showing your transactions, fees, charges and any payments. You must pay at least the minimum payment due by the date on your monthly statement. You can always choose to pay more than the minimum payment due, in order to clear the balance faster and pay less interest.

To find details on how to pay and how long to allow for a payment to reach your account click here

How long will I have access to credit?

You'll have access to credit as long as you make the minimum payment due on time, and stay within your credit limit.

As a responsible lender we reserve the right to lower your credit limit based on how you use your Argos Credit Card and your financial circumstances, including any other credit facilities you may have with other lenders.

We also reserve the right to close your Argos Credit Card account. You’ll receive written notification at least two months’ in advance if this happens. Please refer to terms and conditions for further information on when and why this might happen.

How much will you lend me?

When opening your account, credit limits start at £150 and will be no more than £1,000, depending on your credit history, financial circumstances and how you are managing your current credit facilities with other lenders.

Shortly after opening your account, we will write to tell you what your credit limit is. Depending on how you manage your account and credit with other lenders, this amount may change, and we will tell you if it does.

Why is there more than one interest rate on my account?

We have two rates which apply to your account; one for purchases and one for cash advances and credit card cheques. We appreciate that you will normally only want to use your credit card for purchases and therefore, this is the lower (purchase) rate. Whilst, the card is not predominantly designed as a cash facility, we understand that from time to time you may need extra cash and this is charged at a cash rate which is higher than the rate for purchases.

How much will it cost me?

Illustrative example

For a purchase of £500 on your credit card based on 39.9% APR

Monthly Payment

Minimum Payment each month

£50 each month

Without taking into account any introductory rates, how much interest will you be charged in the first year?

£160

£104

How much interest will you be charged in the second year?

£134

£1

How long would it take to clear the balance?

11 years, 5 months

1 year, 2 months

The above example assumes the following: The transaction takes place on 1st January and you make no further transactions. Your statement is produced on the 1st of each month and you always make the payment each month on the 15th. Your statement is produced 31 days after you make the purchase.

If you can only make the minimum payment each month, it will take you longer and cost you more to clear your balance.

To reduce the amount of interest charged, we recommend you pay as much as you can, when you can and not just the minimum payment.

What is the Repayment Option Plan?

Repayment Option Plan provides some of the tools you might need to protect your credit score in certain difficult financial circumstances, allowing you to freeze your account for up to 24 months, take a Payment Holiday and use a Lifeline every 12 months and to receive Text Alerts to help you manage your account. Click here to find out more.

My Argos Credit Card application

I've been declined for a credit card before - will my Argos Credit Card application be declined?

Not necessarily. Your credit history needn’t mean you get turned down. Applications are considered on merit and we’ll still consider you if you’ve been turned down in the past.

How do I apply for an Argos Credit Card?

Is there a cost for applying?

It's free to apply and if you're accepted, there's no annual fee.

How long will I have to wait for a response?

If you apply online you should get a response within one minute. If we need to talk to you about your application, we’ll normally call you within 15 minutes of your application being submitted. If we can’t speak to you then, we’ll continue to call you over the next weeks.

If you reply by post to a direct mail application and we need to speak to you about your application, we will call you.

For most accepted customers, we are able to tell you over the phone that you’ve been accepted. Normally all applicants will receive a decision within 28 days of submitting their application.

How do you work out my interest rate?

We use risk based pricing and when you apply to us we assess the information on your application form and any information we have on your credit history from credit reference agencies.

What happens if my Argos Credit Card application is successful?

What if I change my mind? How long will I have to cancel my Argos Credit Card?

Once you've received your credit limit, you'll have 15 days to withdraw from your credit card agreement with us and cancel the card. You can do this by phone or in writing. You’ll need to repay us any outstanding credit and interest within 30 days. Interest will be charged for each day between the credit being drawn down and repaid.

You can close your account any time after that. You will need to repay any credit, interest and unpaid fees and charges outstanding on your account.

Please refer to your terms and conditions for more information on how you do this.

How long will it take between applying for an Argos Visa Card and receiving one?

It usually takes between 10-14 days from you submitting your application, but if we need to contact you for more information it could take longer. Your PIN (Personal Identification Number) will arrive separately in the post.

Why has my Argos Credit Card application been declined?

As a responsible lender, we take into account your financial circumstances to establish the appropriate level of credit to grant you. To help us do this, applications may be assessed using a process called credit scoring which assesses credit stability and ability to pay. Credit scoring produces consistent decisions and is designed to ensure all applicants are treated fairly.

If we have declined you, this is based on the information we have obtained and the way this information is used in our credit scoring system.

If you would like us to reconsider our decision, you can write to us at New Accounts Department, P.O. Box 399, Chatham, Kent, ME4 4WQ and provide us with any additional information that you consider relevant. You have the right under the Data Protection Act 1998 and Consumer Credit Act 1974 to see information held about you.

Using your Argos Credit Card

Where can I use my Argos Credit Card?

You can use your card anywhere you see the Visa sign, whether it’s in the UK, abroad or online.

How can I keep track of what I spend on my Argos Credit Card?

You’ll receive a monthly statement which will tell you the date and place of every purchase you’ve made, cash you’ve withdrawn and payments we’ve received from you.

If you’re registered with eVanquis you will be able to view your balance and latest transactions online. To sign up for eVanquis visit www.vanquis.co.uk and click on My Vanquis.

What will be the credit limit on my Argos Credit Card?

When we review your application we’ll take into consideration your circumstances and provide you with a credit limit we think you can manage. If we set your limit higher than you would like we’ll lower it for you. Over time we will review your account, and may offer you a credit limit increase if your account is well managed.

Can I increase the credit limit on my Argos Credit Card?

As a responsible lender, we will seek to provide you with a credit limit that reflects your needs and your ability to manage your account. To be considered for a credit limit increase, you should make use of your credit limit without going overlimit and make your payments on time. By using your credit limit and keeping your account in order, you demonstrate to us that you can manage your account well and can handle the monthly repayments.

Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don’t take on too much debt elsewhere. Please remember, meeting these criteria does not guarantee you a credit limit increase.

Can I withdraw cash on my Argos Credit Card?

If you withdraw cash from a cash machine or financial institution displaying the Visa sign, or purchase currency and make cash related transactions (such as purchases of travellers cheques, money orders and money transfers, or gambling transactions), we will charge a Cash Transaction fee of 3% of the cash transaction amount or £3, whichever is the greater.

You may also be charged a Non-Sterling/Foreign Transaction fee for each cash transaction.

For more details see our response to ‘What are the charges for using my Argos Credit Card abroad?’.

Can I use my Argos Credit Card abroad?

Yes - You can use your Argos Credit Card to make purchases in shops and restaurants and withdraw cash from cash machines and bank counters everywhere you see the Visa sign. Charges apply when you use your Visa Credit Card abroad. For more details see our response to ‘What are the charges for using my Argos Credit Card abroad?’

What are the charges for using my Argos Credit Card abroad?

Making purchases abroad

When you use your Argos Credit Card to make a non-sterling transaction we will charge a Non-Sterling/Foreign Transaction Fee of 2.99% of the transaction.

Withdrawing cash abroad

If you withdraw cash from a cash machine or financial institution displaying the Visa sign, or make purchases of currency and cash related transactions (such as purchases of travellers cheques, money orders and money transfers, or gambling transactions) we will charge a Cash Transaction fee of 3% of the cash transaction amount or £3, whichever is the greater. You will also be charged a Non-Sterling/Foreign Transaction Fee for each cash transaction.

Please be aware that interest on a Cash Transaction is charged from the date transactions are applied to your account until payment is received. There is no interest-free period on Cash Transactions. You’ll need to take into account any other restrictions when withdrawing cash, such as daily cash withdrawal limit. Please see your Credit Card Agreement for more information.

All transactions made in a foreign currency (including cash withdrawals) are converted to Sterling using the Visa Payment Scheme Exchange Rate. Payment Scheme Exchange Rates are set by Visa and MasterCard. Exchange rates fluctuate every day. To see the up to date rates and to find out what the rate is on a certain day, visit www.visaeurope.com and click on the Cardholder section.

What are the Exchange Rates for using my Argos Credit Card abroad?

All transactions made in a foreign currency (including cash withdrawals) are converted to Sterling using the Visa Payment Scheme Exchange Rate. Payment Scheme Exchange Rates are set by Visa and MasterCard. Exchange rates fluctuate every day. To see the up to date rates and to find out what the rate is on a certain day, visit www.visaeurope.com and click on the Cardholder section.

Paying your bills

How can the Argos Credit Card help me build up my credit rating?

To build your credit rating and be considered for credit limit increases, use your Argos Credit Card sensibly, stay within your credit limit and pay your monthly minimum payment on time. Not doing so could harm your credit rating and ability to obtain credit. Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don't take on too much debt elsewhere. By using your credit limits and keeping your accounts in order, you demonstrate that you can manage your accounts well and can handle the monthly repayments. There are no guarantees, but if you follow these steps consistently every month, you should be on track to improving your credit history and building a strong credit rating.

Phone Vanquis on 0330 099 3001, you can make a one off payment with a Debit Card or set up a Direct Debit for regular payments or set up a Continuous Payment Authority (for more details see our response to ‘What is a Continuous Payment Authority and how do I set one up?’). Please click here for opening hours and call charge information. Please allow at least 2-3 working days for your payment to reach your account via this method.

Via vanquis.co.uk:

You can pay by Debit Card, simply click on the pay my card button on the Vanquis website, which will take you to our 'payvanquis' website, then click on "Register Debit Card" and follow the online instructions. If you have any problems registering, then please call 0330 099 3001 to speak to an agent to register your Debit Card. Please allow 3-5 working days for your payment to reach your account. Please click here for opening hours and call charge information.

Quickcall: Call 24/7 on 01623 23 23 23 and select option 3. If you register your card before you make a payment it will be quicker the next time you want to use this service. Please click here for opening hours and call charge information.

Via eVanquis:

Once you are registered for eVanquis, Vanquis Bank’s online account servicing, you can pay via their secure online service. Not only will this allow you to pay your credit card bill but will also allow you to manage your account online – viewing your account balance and accessing your statements.

Over the Counter:

Over the counter at your Bank or Post Office, using the pre-printed giro (found at the bottom of your monthly statement). Please note that the Post Office will charge a fee. If the bank you pay through is not your own bank you may also be charged a fee. Please allow 5 working days for your payment to reach your account via this method. Please note that payments made over the post office counter can, in some instances, take up to 20 working days to clear.

Please remember to always make your payments in good time to make sure they reach your account by the Due Date. Vanquis Bank recommend you pay early to avoid possible late charges and maintain your credit record.

By Post:

By posting a cheque, together with your pre-printed giro (found at the bottom of your monthly statement) in one of the pre-paid envelopes. Please make cheques payable to 'Vanquis Bank' followed by your Argos Credit Card account number. Write your name and Argos Credit Card account number on the back of the cheque, then put the cheque or postal order with a completed bank giro slip (provided on your statement) into an envelope, attach a stamp and post to: Vanquis Bank, PO Box 112, Sheffield, S98 1GG. Please do not send cash through the post. Please allow 10 working days for your payment to reach your account via this method.

What is a Continuous Payment Authority and how do I set one up?

A continuous payment authority, a ‘CPA’, is a form of regular payment, where you provide us with your current account details and authorise them to request payments from that account.

As part of the application process for the Argos Credit Card, we may ask you to set up CPA on a payment account of yours (such as your current account). Should your application be successful, we will use the CPA to request payments from that account in respect of the repayments due each month on your Argos Credit Card Account. You will be able to specify the amounts to be collected from your payment account along with the date those payments are to be collected (which should be the date by which your repayments should reach your Argos Credit Card Account in each month). You can also set up a CPA at any time after your Argos Credit Card Account is opened.

We will collect repayments of the specified amount using your CPA until you tell us to stop which you can do by calling or writing to them. You can also cancel your CPA by telling your payment account provider. If you cancel your CPA, you will still have to pay at least your minimum payment due by the payment due date. For details of other ways you can make payments on your Account please see our response to ‘How can I make a payment to my account?’

If you have insufficient funds in your payment account and we are unable to collect the repayment under the CPA we will try to take it once more, on the next working day. If they are unable to collect a repayment under the CPA we will advise you of this.

When I make a payment, what’s paid off first?

Where your repayment is not sufficient to pay off the whole of the balance outstanding on your Account, your repayment will be allocated first to reduce that part of your balance bearing the highest interest rate and then on in descending interest rate order.

What happens if I keep making the minimum payment and how long will it take me to pay off my debt?

Illustrative example

For a purchase of £500 on your credit card based on 39.9% APR

Monthly Payment

Minimum Payment each month

£50 each month

Without taking into account any introductory rates, how much interest will you be charged in the first year?

£160

£104

How much interest will you be charged in the second year?

£134

£1

How long would it take to clear the balance?

11 years, 5 months

1 year, 2 months

The above example assumes the following: The transaction takes place on 1st January and you make no further transactions. Your statement is produced on the 1st of each month and you always make the payment each month on the 15th. Your statement is produced 31 days after you make the purchase.

If you can only make the minimum payment each month, it will take you longer and cost you more to clear your balance.

To reduce the amount of interest charged, we recommend you pay as much as you can, when you can and not just the minimum payment.

How often do I have to make a payment and how will I know how much to pay?

You will be sent a monthly statement in the post, or if you're registered a reminder to view your monthly statement on eVanquis. Your statement will tell you the minimum payment due and the date you need to pay it by. You’re free to make additional payments throughout the month.

If you can only make the minimum payment each month, it will take you longer and cost you more to clear your balance.

To reduce the amount of interest charged, we recommend you pay as much as you can, when you can and not just the minimum payment.

To view the different ways you can make a payment see our response to 'How can I make a payment to my account?'.

What happens if I don't pay?

If your minimum payment is late or you fail to pay the minimum amount, we will charge a late payment fee of £12. We will contact you to discuss your account, and future payments.

Please be aware that missed payments could have severe consequences, such as the total cost of your debt growing, fees being charged and your credit rating being adversely affected, making it more difficult to get credit in the future.

Can I add another cardholder to my account?

Yes, you can apply to add an additional cardholder if they are at least 18 years old, your account has been open for at least 6 months, you have a credit limit of at least £500 and your account has been well maintained.. You will need to have their consent to you giving us their details. You will be responsible for the card and how it’s used, including all transactions. Please refer to the terms and conditions for more information.

What if my balance gets too high?

It is important that you keep track of your spending on your Argos Credit Card and allow for interest and any charges to be added to avoid going over your credit limit and incurring a £12 fee.

It's important to check your monthly statement to keep track of your account, and try to pay more than the minimum payment due, whenever you can.

Why would there be a change in my interest rate?

When you borrow money on a credit card, the credit is ‘unsecured’ because it’s not linked to your property; and ‘open ended’ because the account is not set to last for a specific length of time. This means that we face more risk than other types of credit product, such as personal loans and mortgages. Also, your financial circumstances can change over time, which means there may be a higher risk that you will not be able to pay back the money you have borrowed.

Changing the interest rates allows us to respond to expected changes in: the economy; the cost of providing credit; and your financial circumstances.

If we didn’t adjust interest rates in this way, we might have to take your card away, or you may have to pay new charges.

How often will you change my interest rate?

Within the first year as an Argos Credit Card customer your interest rates will only increase because of changes in the economy. After the first year, your interest rates will not increase more than once every six months.

We will write to tell you of any increase in interest rates, the cost, and any options that may be available to you. You can also request information on how and why the rate has changed.

Will I be able to keep my current rate and pay off my debt?

We will write to tell you of any interest rate increases. If you're unhappy with your new interest rates, you must contact us within 60 days from the date you receive the letter and inform us that you do not accept your rate increase and you wish to close your account.

Before your account can be closed you’ll need to be able to clear your outstanding balance at the existing interest rate and you won’t be able to make any new purchases on the card.

How do I report a lost, stolen or damaged card?

Credit card cheques

We may offer you the opportunity to ask for Cheques for use on your account. Interest on Cheque Transactions is charged at the Cheque interest rate, which is higher than the interest rate chargeable for Purchase Transactions. Please refer to your terms and conditions for more information.

How do I query a transaction on my account?

Please contact Customer Service on 0330 099 3001 who will be happy to discuss your query. Please click here for opening hours and call charge information.

Support/feedback

I'd like to talk to someone about the Argos Credit Card before I apply. Can I do that?

Who can I contact if I am having problems completing my online application?

Do I need any special software to use the site?

No, you should be able to view everything on our site without any problems.

My internet browser is not showing the site clearly, why is this?

This might be due to the browser that you’re currently using, the Argos Credit Card site supports Internet Explorer 6 and 7, Firefox 2 and 3, Safari and Google Chrome. If you do not have one of these internet browsers then you may not be able to access this service.

Why doesn't my internet browser show the site clearly?

The Argos Credit Card site supports Internet Explorer 6 and 7, Firefox 2 and 3, Safari and Google Chrome. If you don't have one of these browsers, you may not be able to access this service.

Is the information I give you on this site secure?

Yes, we collect and store your data securely. On the application page you should see that the webpage address changes from http:// to https:// which indicates that the page is secure. In some browsers you will also see a padlock on the browser to indicate that the page is secure.

What should I do if I have a complaint?

We hope you won’t have a reason to complain, however if you do wish to make a complaint you can:

^ Credit Cards are not suitable for long-term borrowing or financing existing debt. Missing payments could have severe consequences and make obtaining credit more difficult.

* To build your credit rating and be considered for credit limit increases, use your card sensibly, stay within your credit limit and pay your monthly minimum payment on time. Not doing so could harm your credit rating and ability to obtain more credit. Please also keep your other accounts such as credit cards, loans, catalogues, mobile phone and mortgages in order and don't take on too much debt elsewhere. By using your credit limits and keeping your accounts in order, you demonstrate that you can manage your accounts well and can handle the monthly repayments. There are no guarantees, but if you follow these steps consistently every month, you should be on track to improving your credit history and building a strong credit rating.

Important: Credit is subject to: status; telephone contact; confirmation of name and address; not already holding a credit card issued by Vanquis Bank; no reasonable suspicion of fraud, and is only available to UK residents who are at least 18 years of age and are not legally restricted from obtaining credit e.g., because of bankruptcy. Please read the Summary Box , and Credit Card Terms and Conditions for full financial details.